LinkedIn Corp., the popular business networking site has been valued $1 billion by four venture capital firms including Bain Capital Ventures, Sequoia Capital, Greylock Partners and Bessemer Venture Partners. The valuation is based on $53 million investement being announced by these venture capital firms for a combined stake of 5 percent in LinkedIn.

“If LinkedIn is able to achieve its goals and objectives in the coming years, this valuation of a billion dollars will be looked upon as very cheap,” predicted Mark Kvamme, a Sequoia Capital partner and a member of LinkedIn’s board of directors.

About 23 million people in 150 countries have set up profiles on LinkedIn so far, with another 1.2 million members signing up each month.

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